Gold Prices Slip As Traders Trim Rate Cut Bets

(RTTNews) - Gold prices slipped on Thursday as January's jobs data bolstered expectations that the Federal Reserve will hold interest rates steady for longer than previously anticipated.

Traders currently assign a 94.1 percent chance that the Fed will leave rates unchanged at its upcoming March meeting, according to the CME Group's FedWatch Tool.

Spot gold slipped 0.2 percent to $5,073.59 an ounce while U.S. gold futures were down 0.1 percent at $5,093.86.

Data released on Wednesday showed U.S. non-farm payroll employment jumped by 130,000 jobs in January after rising by a downwardly revised 48,000 jobs in December.

The jobless rate dipped from 4.4 percent to 4.3 percent, but revised data showed the world's largest economy generated far fewer jobs in 2024 and 2025 than was initially estimated.

The dollar was slightly lower in European trade ahead of the release of U.S. reports on weekly jobless claims and existing home sales later in the day.

On Friday, the Labor Department is scheduled to release a report on consumer price inflation that may shed additional light on the outlook for rates.

Analysts warn that a softer CPI print on Friday coupled with the jobs data released on Wednesday could see gold make a foray back below the $5000/oz mark.